The political circus has taken on dimensions few expected to see just a few years ago.

The increase lifted the Fed’s benchmark federal funds rate to a target range of 5% to 5.25%, the highest level since 2007, up from nearly zero early last year.

The new SEC rules significantly increase oversight of the biggest hedge funds and private equity firms.

Fund managers argue that bonds, particularly higher-rated ones, will be able to better weather any economic slowdown, whereas stocks would suffer more if the Federal Reserve fails to navigate a soft landing.